We’re often approached by people with a fresh business idea – we’re always excited about those conversations and love to help build something from scratch (here are a few we have created over the years).
We act as a confidential sounding board in our initial meeting, to talk the idea through. Since we understand that there’s a lot to think about, we like to ensure we add value from our very first meeting. You can expect honest feedback from us and valuable pointers.
To get going, here are our five essential steps below for any start-up:
1. Understand the market
- Invest time in understanding the competition, their pricing, what others are best known for and how they market and sell their products and services. A little mystery shopping goes a long way!
- Work out what is unique about your offering in comparison to others.
- Look at the brands in your space and think about how yours could be more compelling. What might make people want to connect and transact with you?
2. Identify your audience
- Build a picture of your target audience. If they’re consumers, think about their age, gender and lifestyle. What drives them? If they are businesses, what industry are they in? What size of business are they? What role/s within the business are likely to buy from you? Why would they choose your business?
- Look for insights that help inform you.
3. Plan
- Make a business plan, it doesn’t have to be complicated, but it’s good to get down your objectives and vision.
- Think about costings and how these will be funded in the first instance. Don’t be disheartened if your budget is small, many successful businesses started on a shoestring.
- Start to think about a marketing plan. How will you tell people about your business?
4. Think of a name
- Start to think about a name. It needs to be easy to pronounce, to spell, feel right for the nature of business and differentiate from the competition.
- Consider domain name availability so that you can future-proof the name, even if a website isn’t on your immediate to do list.
5. Brand it well
- Ensure strong branding from day one. This is a really important time, it’s a mistake to launch with weak branding you don’t love, because you’ll never get this initial time back. Having something that launches with impact is crucial.
- Keep it clear and consistent.
- Seize the opportunity to tell your brand story and to stand out from the crowd.
- Consider your brand tone and use language that will resonate with your audience.
- Good branding should stand you in good stead for the future and allow you to grow with it.
- Build clear brand guidelines and rules from the outset, so your brand is never diluted.
If you’re thinking of starting a new business, get in touch!
